Carr, 43, wants to fully pay for her daughter's college education and to retire shortly after Johnna graduates.

"But I don't have a financial backup," she says. So the Raleigh, N.C., resident, who works as a director at a communications firm, is maxing out her 401(k) and saving in an IRA (she has $271,000 stashed). Plus, she's putting away $200 a month for college.

Mortgage the house. Carr rushed to erase the loan on her four-bedroom colonial.

Problem is, Gugle says, "almost half her wealth is now tied up in home equity." And real estate historically has returned only a hair more than the inflation rate.

Gugle suggests Carr borrow $100,000 against her home to invest in hopes of better growth.

Carr can easily afford the $477 payment, as much as $333 of which is tax-deductible.

Assuming 7% annual returns on her investment, she'd have about $533,000 in 24 years -- far exceeding the $72,000 in interest on a 30-year loan at 4%; plus, she'll still benefit from appreciation on the house.

Smarten up on college. Carr should up her educational savings to $500 a month.

Also, Johnna's 529 is split evenly between moderate and aggressive age-based portfolios, but Gugle advises Carr to switch entirely to the aggressive one, which invests more in stocks early on.

With annualized returns of 6%, she'll have $184,000 in 17 years, which should come close to covering four years at a state school.